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SMG Industries, Inc. Announces First Quarter 2019 Financial Results
SMG Industries, Inc. Announces First Quarter 2019 Financial Results.
About this update from Smg Industries, Inc.
[{"type":"text","content":"Oilfield Services Company Reports Revenues of $1.75 million for the First Quarter ended March 31, 2019 a 75% Increase from the First Quarter 2018First Quarter Highlights: Revenue increased 75% to $1,752,704 for the quarter ended March 31, 2019, from $998,178 in the same period a year ago, which is up approximately 42%, sequentially from the last quarter, Increase in first quarter 2019 revenues driven by organic growth in the drilling market-focused products & services business MG Cleaners, as well as completions-focused Momentum frac water business acquired in December 2018, Cost of Sales grew to $1,480,715, or 84.5% of revenues compared to 51% of revenues in the first quarter 2018, due to operations and transitional expenses incurred from the recent acquisition, as well as higher labor and equipment rental costs due to delayed jobs and inefficiencies in the frac water business, Adjusted Gross Profit increased 38% to $674,817 for the quarter ended March 31, 2019 from $488,063 the same period a year ago, and Adjusted EBITDA was ($39,364) for the first quarter 2019; (both non-GAAP measures; see reconciliation chart below), Net Loss of $710,262 for the first quarter ended March 31, 2019 which was due primarily to operational and transitional expenditures related to its acquisition of Momentum Water Transfer Services, LLC in December 2018, Total Assets grew 16.4% to $4,100,468 in first quarter 2019 from $3,526,447 from the previous quarter ended December 31, 2018, The Company is aggressively moving forward with its build and buy acquisition strategy.HOUSTON, TX / ACCESSWIRE / May 15, 2019 / SMG Industries, Inc. (the "Company") (OTCQB: SMGI), a growth-oriented oilfield services company operating in the Southwest United States and headquartered in Houston, Texas announced today their financial results for the first quarter ended March 31, 2019.As stated in the Company's Quarterly Report on Form 10-Q filed May 14, 2019 with the Securities and Exchange Commission, the Company's sales for the three months ended March 31, 2019 were $1,752,704, an increase of 75%, from $998,178 for the three months ended March 31, 2018. The increase in revenue for the three months ended March 31, 2019 was primarily attributable to additional revenues contributed by the recent frac water operations acquired in December 2018, and SMG oil tools ...